The Central Bank of Nigeria is watching closely the
activities of top officials of commercial banks allegedly involved in illegal
foreign exchange transactions.
It was learnt that the illegal forex activities of some top
bank officials were frustrating the CBN’s efforts aimed at converging the official
and parallel market rates of the naira.
This, industry sources said, were being carried out through
some insider-related forex dealings.
According to findings by our correspondent, some top bank
officials who own Bureau De Change outfits are using the outlets to frustrate
the central bank’s policies aimed at increasing forex supply into the forex
market.
It was further learnt that aside this, top commercial
bankers were involved in other illegal forex practices.
While the investigation is still ongoing, it was learnt that
the apex bank management was determined to wield the big stick against culprits
caught in any sharp practice.
The Acting Director, Corporate Communications, CBN, Mr.
Isaac Okorafor, could not be reached for immediate comment.
Calls made to his line were not responded to.
Okorafor had, however, said the central bank was ready to
deal with any operator found to have violated the regulator’s extant
guidelines.
The CBN spokesman had last week said the regulator was
monitoring bankers over the SME forex window.
He vowed that the bank would take necessary action and apply
sanctions on errant institutions, where necessary.
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